Goldman Sachs & Citigroup cut China's growth projection to this level
Goldman Sachs and Citigroup have revised their projections for China's economic growth in 2024 downwards to 4.7% following the lowest industrial production figures in five months for the country in August. The slow economic activity has highlighted the need for additional stimulus measures to boost demand and support China's slow recovery. These revised growth forecasts now fall below the government's target of approximately 5%. Previously, Goldman Sachs had predicted full-year growth of 4.9%, while Citigroup had forecasted growth of 4.8%. On an annual basis, China's industrial production in August increased by 4.5%, representing the slowest growth rate since March 2024. Furthermore, retail sales, a key indicator of consumer spending, increased by just 2.1% in August, down from the 2.7% growth seen in July. Analysts had anticipated a slightly higher growth rate of 2.5%. There is a possibility that China may not be able to achieve its economic objectives.

https://internasional.kontan.co.id/news/goldman-sachs-citigroup-kompak-pangkas-proyeksi-pertumbuhan-china-jadi-segini

Thai baht is too strong to have a negative impact
Thailand's Minister of Commerce, Pichai Naripthaphan, has voiced concerns about the strength of the Thai baht, citing its impact on the country's exports. Consequently, export growth is forecast to be relatively modest this year. Mr. Naripthaphan has urged the central bank to take action against the currency and cut interest rates to increase liquidity. This recommendation is a reflection of the ongoing disagreement between the government and the central bank regarding the setting of interest rates. The baht recently reached its strongest level against the US dollar in over 18 months. The Ministry of Commerce has reiterated its export growth target for the year, which remains at 1% to 2%. However, there has been a mere 3.8% increase in exports for the period from January to July 2024 in comparison to the same period in the previous year. The central bank has maintained its benchmark interest rate at 2.5% for the fifth consecutive meeting, rejecting the government's call for a rate cut. The next interest rate review is scheduled for 16 October.

https://internasional.kontan.co.id/news/baht-thailand-terlalu-perkasa-hingga-berdampak-negatif